Fir Tree Partners is a New York hedge fund that has launched a new fund focusing on distressed crypto assets. The fund is an attempt to capitalize on the turmoil experienced by the industry in the last year.

According to an email received by CoinDesk, the Fir Tree Digital Asset Opportunities Fund is set to launch on August 1, 2018.

Fir Tree excels at identifying opportunities that are mispriced or dislocated, as well as complex. Fir Tree said that it is rare to see situations with all three characteristics, but this is exactly what they are experiencing in digital assets at the moment.

Fir Tree has not responded to requests for comment.

The year 2017 was a banner one for crypto bankruptcies and collapses. This included the likes Three Arrows Capital (which is owned by Digital Currency Group, as are CoinDesk and BlockFi), Voyager Digital (which is owned and operated by Digital Currency Group), BlockFi, Celsius and FTX, and the lending arm of Genesis.

Fir Tree has a history of dealing with crypto. It tried shorting Tether’s USDT stablecoin, and also got into an ugly legal battle with Grayscale.

Fir Tree’s email stated that the company has “no opinion on the direction of cryptocurrency, or the reflation” of any coin and will “hedge any exposure to crypto.”

Fir Tree said that conventional crypto investors lack the experience to “navigate bankruptcy proceedings or [conduct] an effective activist effort,” giving Fir Tree a competitive advantage. Fir Tree also said that its advantage over other distressed investors was they would struggle to “get to grips with this extremely complex asset class” as well as “doing not want to be labelled ‘crypto’.”

UPDATE: (July 14, 20,23, 1852 UTC) Added the last two paragraphs of information from Fir Tree document.

Nick Baker and Aoyon Asraf edited the book.